Schedule 13G/A: 4.99M Shares (19.7%) Reported in LandBridge by First Manhattan

Rhea-AI Filing Summary

First Manhattan Co. LLC, FMC Group Holdings LP and First Manhattan Management LLC filed an amended Schedule 13G reporting collective beneficial ownership of 4,993,365 Class A shares of LandBridge Co LLC, equal to 19.7% of the class (CUSIP 514952100). The filing shows the filers hold 30,736 shares with sole voting and dispositive power and 4,962,629 shares with shared voting and dispositive power.

The document states the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer; addresses for the issuer and filers and Delaware organization are provided.

Insights

Financial Analyst

TL;DR: Filers disclose a near-20% stake, a sizable minority position that may influence market perception but they deny intent to change control.

The Schedule 13G/A shows a material ownership position at 19.7%, which is large enough to attract investor and market attention without crossing common control thresholds (typically >50%). The split between sole and shared voting/dispositive power—30,736 sole vs. 4,962,629 shared—suggests operational control is exercised jointly across affiliated entities. The certification that holdings are in the ordinary course and not for control is typical for passive investor filings and limits immediate governance implications, though the economic concentration is meaningful for minority holders and liquidity considerations.

Corporate Governance Expert

TL;DR: A 19.7% aggregated stake warrants governance monitoring, but the filers formally state no intent to influence control.

The filing identifies three affiliated Delaware entities holding the aggregate position and specifies shared voting power of 4,962,629 shares. That level of concentrated voting power can give the group leverage in shareholder matters despite the filing's passive classification. Investors and the board should note the concentration and the filers' representation that the holdings were not acquired for control; any change in behavior or future amendments could have governance consequences.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

LandBridge Co LLC

(Name of Issuer)

Class A shares, representing limited liability company interests

(Title of Class of Securities)

514952100

(CUSIP Number)

08/29/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 514952100

1

Names of Reporting Persons

FIRST MANHATTAN CO. LLC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 30,736.00
6	Shared Voting Power 4,962,629.00
7	Sole Dispositive Power 30,736.00
8	Shared Dispositive Power 4,962,629.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,993,365.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

19.7 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 514952100

1

Names of Reporting Persons

FMC Group Holdings LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 30,736.00
6	Shared Voting Power 4,962,629.00
7	Sole Dispositive Power 30,736.00
8	Shared Dispositive Power 4,962,629.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,993,365.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

19.7 %

12

Type of Reporting Person (See Instructions)

PN, HC

SCHEDULE 13G

CUSIP No. 514952100

1

Names of Reporting Persons

First Manhattan Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 30,736.00
6	Shared Voting Power 4,962,629.00
7	Sole Dispositive Power 30,736.00
8	Shared Dispositive Power 4,962,629.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,993,365.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

19.7 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: LandBridge Co LLC
(b)	Address of issuer's principal executive offices: 5555 San Felipe Street, Suite 1200, Houston, TEXAS, 77056.
Item 2.
(a)	Name of person filing: First Manhattan Co. LLC FMC Group Holdings LP First Manhattan Management LLC Each a "Filer"
(b)	Address or principal business office or, if none, residence: The address of each Filer is 399 Park Avenue, 28th Floor, New York, NY 10022.
(c)	Citizenship: The citizenship for each Filer is the following: First Manhattan Co. LLC - Delaware FMC Group Holdings LP - Delaware First Manhattan Management LLC - Delaware
(d)	Title of class of securities: Class A shares, representing limited liability company interests
(e)	CUSIP No.: 514952100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Item 9 of the cover page for each Filer.
(b)	Percent of class: See Item 11 of the cover page for each Filer.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 of the cover page for each Filer.
	(ii) Shared power to vote or to direct the vote: See Item 6 of the cover page for each Filer.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 of the cover page for each Filer.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 of the cover page for each Filer.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

FIRST MANHATTAN CO. LLC.

Signature:	Jeremy Covino
Name/Title:	Chief Compliance Officer
Date:	09/08/2025

FMC Group Holdings LP

Signature:	Andrew Aspen
Name/Title:	Authorized Signatory
Date:	09/08/2025

First Manhattan Management LLC

Signature:	Andrew Aspen
Name/Title:	Authorized Signatory
Date:	09/08/2025

FAQ

What stake does First Manhattan report in LandBridge (LB)?

The filers report beneficial ownership of 4,993,365 Class A shares, representing 19.7% of the class.

How many shares do the filers have sole voting power over?

The filing shows 30,736 shares held with sole voting power.

Do the filers say they intend to influence control of LandBridge (LB)?

No; the certification states the securities are held in the ordinary course of business and were not acquired to change or influence control.

What is the address of LandBridge's principal executive offices listed in the filing?

The filing lists the issuer's principal executive office as 5555 San Felipe Street, Suite 1200, Houston, Texas 77056.

Which entities filed the Schedule 13G/A?

The filing was made by First Manhattan Co. LLC, FMC Group Holdings LP, and First Manhattan Management LLC.